Kiwi tech exports jumped 9% last financial year to NZ$15 billion

New Zealand’s top 200 technology export companies generated NZ$15.117 billion in total revenue for the 2022 financial year, up 9% ($1.247bn) on 12 months earlier, according to the annual Technology Investment Network (TIN) Report.

Tech is now the country’s second largest export earner behind dairy and accounts for 14% of NZ’s total export revenue in FY22.

The growth of the sector, despite another year of pandemic lockdowns, remained strong, with 31 companies recorded revenue of $100m+ up from 12 in FY2012 – including four companies that topped the NZ$1 billion mark, while employment grew by nearly 11% over the 12 months in the TIN200 to 62,718 jobs, up 6148, and R&D expenditure grew by 18.6% to a total of $1.770 billion.

The average TIN200 employee’s wage rose $699 to $89,711 – $27,883 higher than the national median of NZ$61,828.

NZ early-stage tech companies raised VC and Angel investment of $192m from a record 135 deals in FY2022, up $30.5m on FY21.

Auckland is the powerhouse of Kiwi tech, earning $8 billion in revenue earned, while three other regions –Wellington, Waikato, and Canterbury – drew $1B+ in revenue.

For the second year running Fisher & Paykel Healthcare tops the TIN200 list.

TIN Head of Research Alex Dickson said technology companies grew nine times faster than the general New Zealand economy in the past year.

“Beyond resilience, Kiwi tech companies are competing and winning overseas in a time of global economic uncertainty and there’s a growing sense of confidence in the sector and by those invested in it,” he said.

“By the numbers, we see our tech companies supporting much-needed export diversity, productivity, and income assurance as New Zealand plots a path to recovery. Tech companies added more than a billion dollars of revenue growth and $960 million in export growth to the country’s economy over the last year. The sector’s breadth of export destinations, ability to absorb shocks and avoid conflict with climate goals is a major asset in this regard.

Dickson said that on its current trajectory, tech exports will hit $20.5 billion by 2027, but challenges like attracting, training, and maintaining skilled talent remain an obstacle.

Now in its 18th year, the TIN Report is the key annual benchmark the performance of New Zealand’s 200 largest globally-focused technology companies, categorised according to the primary sectors of Biotech, ICT (Information and Communication Technologies) and High-Tech Manufacturing.   

Tech growth shifts

Robust growth